Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples of grace period from the Web
The government had spooked markets by making use of 30-day grace periods to delay a series of interest payments, causing their prices to fall.
The targets, announced by the Ministry of Industry and Information Technology (MIIT), closely mirror previously announced plans, but remove an explicit 8% quota for 2018, in effect giving carmakers an extra year grace period.
Drivers, on the other hand, are instructed to give late passengers only a five-minute grace period.
Last week, the president of the United States ended the Deferred Action for Childhood Arrivals (DACA) program, with a six-month grace period.
Under the proposal, landlords would get a six-month grace period before the fines begin.
Legislative Fallout: President Trump has relayed messages about DACA that contradict those of his administration at large, most recently tweeting that current recipients of the program shouldn’t worry during the six-month grace period.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of grace period
Financial Definition of GRACE PERIOD
What It Is
A grace period is a period of time, usually about 10 days, during which a past due amount can be paid with little or no penalty.
How It Works
Let's assume your credit card payment is due on December 15. You forget to make the payment. On December 20, you remember. By then, though, it's too late. Your bill is past due.
However, if your account has a grace period, you can make the payment and the creditor might not assess a late fee or other penalty.
Why It Matters
Past-due bills often incur late fees, higher interest rates, penalties and other charges. Worst of all, the creditor might report the late payment to the credit reporting agencies, leaving a black mark on your credit rating (and even lowering your credit rating). In some cases, a bill get so past due (say, 90 or 180 days), that the creditor considers the account in default and may charge off the balance. A grace period gives customers a chance to catch up quickly before it's too late. After that point, the lender might assign or sell the account to a collection agency, which will try to collect the balance.
GRACE PERIOD Defined for English Language Learners
Definition of grace period for English Language Learners
: an amount of extra time that someone is given to pay a bill, finish a project, etc.
legal Definition of grace period
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